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Registration number: 02621076

Beacons Products Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 30 November 2023

 

Beacons Products Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Beacons Products Limited

Company Information

Directors

Mr A G Stammers

Mrs R Stammers

Mr G F Stammers

Company secretary

Mr A G Stammers

Registered office

Unit 10
EFI Industrial Estate
Brecon Road
Merthyr Tydfil
South Wales
CF47 8RB

 

Bankers

HSBC Bank plc
127 - 128 High Street
Merthyr Tydfil
Mid Glamorgan
CF47 8DN

Accountants

WJ James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Beacons Products Limited

(Registration number: 02621076)

Balance Sheet
as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

429,374

443,105

Current assets

 

Stocks

256,080

341,924

Debtors

6

274,944

277,736

Cash at bank and in hand

 

1,306,741

1,011,881

 

1,837,765

1,631,541

Creditors: Amounts falling due within one year

7

(251,803)

(260,993)

Net current assets

 

1,585,962

1,370,548

Total assets less current liabilities

 

2,015,336

1,813,653

Creditors: Amounts falling due after more than one year

7

(19,683)

(20,891)

Provisions for liabilities

(6,914)

(5,385)

Net assets

 

1,988,739

1,787,377

Capital and reserves

 

Called up share capital

20,000

20,000

Profit and loss account

1,968,739

1,767,377

Total equity

 

1,988,739

1,787,377

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Beacons Products Limited

(Registration number: 02621076)

Balance Sheet
as at 30 November 2023

Approved and authorised by the Board on 14 February 2024 and signed on its behalf by:
 

.........................................

Mr A G Stammers

Company secretary and director

 

Beacons Products Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 10
EFI Industrial Estate
Brecon Road
Merthyr Tydfil
South Wales
CF47 8RB

These financial statements were authorised for issue by the Board on 14 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants in respect of capital expenditure are treated as deferred credits, a proportion of which is transferred to revenue annually over the estimated useful life of the related assets.

Revenue grants have been received under the Coronavirus Job Retention Scheme. These are accounted for as revenue to match the expenditure in the pay periods to which the grants relate.

 

Beacons Products Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

15% on reducing balance

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

20% on cost

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents and licences

10% on cost

Website development costs

20% on cost

 

Beacons Products Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Beacons Products Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 13).

 

Beacons Products Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

4

Intangible assets

Patents and licences
 £

Total
£

Cost or valuation

At 1 December 2022

10,561

10,561

At 30 November 2023

10,561

10,561

Amortisation

At 1 December 2022

10,561

10,561

At 30 November 2023

10,561

10,561

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 December 2022

544,146

14,211

433,658

77,619

Additions

-

-

-

10,643

Disposals

-

(4,730)

(15,686)

(68,903)

At 30 November 2023

544,146

9,481

417,972

19,359

Depreciation

At 1 December 2022

161,760

13,680

388,561

77,459

Charge for the year

10,883

54

6,667

2,209

Eliminated on disposal

-

(4,554)

(15,035)

(68,903)

At 30 November 2023

172,643

9,180

380,193

10,765

Carrying amount

At 30 November 2023

371,503

301

37,779

8,594

At 30 November 2022

382,386

531

45,097

160

 

Beacons Products Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

65,291

1,134,925

Additions

-

10,643

Disposals

(400)

(89,719)

At 30 November 2023

64,891

1,055,849

Depreciation

At 1 December 2022

50,360

691,820

Charge for the year

3,733

23,546

Eliminated on disposal

(399)

(88,891)

At 30 November 2023

53,694

626,475

Carrying amount

At 30 November 2023

11,197

429,374

At 30 November 2022

14,931

443,105

Included within the net book value of land and buildings above is £371,504 (2022 - £382,386) in respect of freehold land and buildings.
 

6

Debtors

2023
£

2022
£

Trade debtors

247,353

251,317

Prepayments

27,591

26,419

274,944

277,736

 

Beacons Products Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

42,470

89,618

Taxation and social security

79,668

52,976

Accruals and deferred income

15,869

15,295

Other creditors

113,796

103,104

251,803

260,993

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Deferred income

19,683

20,891